Gold buyers make another play for control after yesterday’s run higher fizzled
Yesterday, the gold buyers pushed the price above the 100 and 200 hour MAs. I wrote about it in a post outlining the bullish tilt:
I ended that post saying the following:
- "If buyers can defend that support and extend the rally above today's high at $4,115.67, it could trigger another wave of short covering and shift near-term momentum further in their favor. However, if the price slips back below the 200-hour moving average, attention will quickly turn to the 100-hour moving average. A break below that level would suggest today's rally was merely a corrective bounce and would hand control back to the sellers."
Looking at the hourly chart below, gold slipped back below its 200-hour moving average late yesterday (failing), shifting the technical focus to the rising 100-hour moving average instead. That support level was tested late yesterday and again during today's early session, where buyers stepped in and defended it. The successful hold helped fuel a rebound that extended to fresh highs for the week, taking out yesterday's peak near $4,115.
The rally also pushed the price back above the 38.2% retracement of the decline from the June 17 high, which comes in at $4,109.56. That keeps the buyers in firmer control in the short term, with today's high reaching $4,144.15.
Going forward, holding support in the $4,100-$4,110 area will be key (yellow area) and the risk level for buyers looking for more upside. If buyers can establish a base above that zone, the next upside objective is the 50% retracement of the June 17 decline at $4,161.19. A break above that level would open the door toward the $4,212.83 area, where the 61.8% retracement converges with a key swing level.
A sustained move above $4,212.83 would represent another important technical victory for the bulls and shift the focus toward the $4,350-$4,375 resistance zone, where buyers would have a chance to regain much stronger control of the broader trend.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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